May 14, 2020 / 5:18 AM / 22 days ago

BRIEF-DFV Deutsche Familienversicherung Group EBIT Down At EUR -5.6 Mln

May 14 (Reuters) - DFV DEUTSCHE FAMILIENVERSICHERUNG AG :

* NO SIGNIFICANT IMPACTS OF COVID-19 ON DEVELOPMENT OF BUSINESS OPERATIONS IN Q1

* Q1 NUMBER OF NEW CONTRACTS REACHES 27,718, EXCEEDING EXPECTATIONS

* Q1 EXISTING PREMIUM GROWTH UP BY 7.0%, TO EUR 108.3 MILLION

* GROUP EBIT DECLINED TO EUR -5.6 MILLION AFTER FIRST THREE MONTHS (Q1 2019: EUR -1.0 MILLION)

* Q1 RESULT AFTER TAXES CAME TO EUR -3.8 MILLION (Q1 2019: EUR -0.2 MILLION)

* SOLVENCY RATIO OF DEUTSCHE FAMILIENVERSICHERUNG DECLINED TO 206% IN Q1 DUE TO REFERENCE DATE FACTORS (DECEMBER 31, 2019: 264%)

* FOR 2020 DESPITE EXISTING UNCERTAINTIES, DFV NEVERTHELESS AFFIRMS ITS SALES TARGETS FOR TIME BEING

* FOR 2020 AS A WHOLE, COMPANY PLANS TO GENERATE 100,000 NEW POLICIES, TO RAISE VOLUME OF EXISTING POLICIES BY EUR 25 TO 30 MILLION AND TO INCREASE GROSS PREMIUMS WRITTEN BY AT LEAST 30%

* OUTLOOK 2020: ANTICIPATES A PRE-TAX LOSS (EBIT) OF EUR 9 TO 11 MILLION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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